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Thailand’s securities regulator has warned the general public concerning scam entities sitting as legal digital currency commerce corporations operational overseas.
Investor losses are not known
The Thai Securities and Exchange Commission (SEC) has discovered a brand new crypto scam wherever investors ar lured into operative with firms outside the country, native English-language news outlet capital of Thailand Post reports on August. 25.
The regulator has become attentive to many deceitful firms concerned within the case, as well as the alleged scam entity named FX commerce Corporation, that isn't licensed to change digital currencies, the report notes. The SEC expressed that the quantity of losses caused by the scam isn't proverbial to this point
Only four firms are authorized to offer crypto services
representative for the Thai SEC’s Department of Special Investigation claimed that the agency has solely licensed 3 corporations to work digital asset-related businesses in Asian country and approved one company as a crypto broker or dealer.
As antecedently rumored, the Thai Ministry of Finance issued the four digital quality business licenses in Gregorian calendar month 2019, approving crypto-related services by exchanges Bitcoin Exchange Co., Ltd., Bitkub on-line Co., Ltd. and Thai monetary unit Corporation, yet as cryptocurrency brokerage Coins TH Co., Ltd.
The regulator’s advocate conjointly declared that Thai authorities need cooperation from foreign counterparts so as to research the trade because of the presence of foreign crypto scams within the country.
Recently, Saudi Arabia’s Finance Ministry issued a warning against crypto scammers victimization the Kingdom’s state symbols to market tokens that claim to be tied to government comes.